PeoplesBancorp in Worcester, Mass., has agreed to buy Athol Savings Bank in Athol, Mass.
PeoplesBancorp, through its $1.7 billion-asset Cornerstone Bank, expects to buy the $650 million Athol Savings in the first quarter. The financial details were not disclosed.
Athol Savings will operate as a division of Cornerstone Bank.
“This is an incredibly exciting time for us,” Todd Tallman, Cornerstone’s CEO, said in a press release. “This move will strengthen our ability to serve our communities while preserving our focus on customer service.”
Daniel Zona, Athol Savings’ president and CEO, will become Cornerstone’s president, succeeding Randal Webber, who had previously disclosed plans to retire. Four Athol Savings directors, including Zona, will join Cornerstone’s board.
Luse Gorman and Piper, Sandler advised Cornerstone. Updike, Kelly & Spellacy advised Athol Savings.